How Contest Prize Insurance Works

You pick the contest, determine the number of contestants, and select a prize you would like to offer, and let SUREBET do the rest. These three variables will determine the cost to cover. When ready to order your event coverage, simply fill out a short application, and our Customer Service Team will execute your contract and send it back to you within 24 hours. Finally, a signed contract, along with payment, received before your event date will bind your coverage.

No matter the type of event you’re hosting, whether it’s a golf tournament or a basketball shootout, prize indemnity insurance can make it easier for you to provide big ticket prizes without worrying about the cost. When you’re covered by Surebet’s prize indemnity insurance, you can enjoy the awe-inspiring moment when someone makes that hole in one and wins the grand prize – leave the worrying to us! Our hole in one insurance will pay the cost of the prize, and you’ll only be on the hook for a fraction of the payout for the insurance premium.

How Likely is it That a Golfer will Make a Hole in One?

  • A PGA Tour golfer’s odds of making a hole in one: 1 in 3,000
  • A single-digit handicap golfer’s odds of making a hole in one: 1 in 5,000
  • An average golfer’s odds of making a hole in one: 1 in 12,000

How Prize Indemnity and Hole in One Insurance Work

A successful event manager or promoter knows that if you want people to be excited about the event you’re having, you have to create some buzz around it. Often times, the best way to get your crowd pumped up is by offering a grand prize. This could be anything from a new boat or car to a big check! In any case, each participant has the opportunity to win your grand prize during your event.

Hole in one and prize indemnity insurance started gaining popularity in the 80’s, as a way to help protect event managers and promoters who wanted to offer grand prizes to their contestants. It all started with Hole in One Tournaments but has since expanded to other sports (like Basketball’s half-court shot, Hockey’s blue-line goal, and Baseball’s Batter-Up promotions).

If this is your first-time planning one of these exciting events, you may not know that most sponsors or promoters do not pay out for the prizes themselves. Instead, they purchase prize indemnity insurance or hole in one insurance to cover them if and when someone earns the prize they’re offering.